Fliway FY profit falls 31%, at top of guidance, on lost customer, Kaikoura quake

Thu, 24 Aug 2017

By Paul McBeth Aug. 25 (BusinessDesk) - Fliway Group's annual profit came in at the top end of guidance, sliding 31 percent, as an operational restructure in response to a major customer loss and mounting freight costs from last year's Kaikoura earthquake staunched the decline. Net profit fell to $3.9 million, or 8.6 cents per share, in the 12 months ended June 30 from $5.6 million, or 12.4 cents a year earlier, the Auckland-based company said in a statement. Revenue edged up 3.4 percent to $85.4 million as the company attracted new cust...

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